2021 Q2 Form 10-Q Financial Statement
#000156459021027142 Filed on May 13, 2021
Income Statement
| Concept | 2021 Q2 | 2021 Q1 | 2020 Q4 |
|---|---|---|---|
| Revenue | |||
| YoY Change | |||
| Cost Of Revenue | -$500.0K | ||
| YoY Change | -516.67% | ||
| Gross Profit | $500.0K | ||
| YoY Change | 34.05% | ||
| Gross Profit Margin | |||
| Selling, General & Admin | $1.601M | $2.510M | $1.430M |
| YoY Change | -17.9% | -7.79% | -66.67% |
| % of Gross Profit | 286.0% | ||
| Research & Development | $695.0K | $334.0K | $350.0K |
| YoY Change | 117.19% | -91.41% | -91.57% |
| % of Gross Profit | 70.0% | ||
| Depreciation & Amortization | $19.00K | $20.00K | $10.00K |
| YoY Change | -5.0% | -81.13% | -90.91% |
| % of Gross Profit | 2.0% | ||
| Operating Expenses | $2.296M | $334.0K | $1.770M |
| YoY Change | 1.15% | -96.25% | -79.03% |
| Operating Profit | -$2.296M | -$334.0K | -$1.274M |
| YoY Change | -26.32% | -96.25% | -84.32% |
| Interest Expense | $2.000K | $0.00 | -$20.00K |
| YoY Change | -90.0% | -100.0% | -107.69% |
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | -$2.294M | -$2.840M | -$1.290M |
| YoY Change | -26.0% | -68.05% | -83.61% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$2.294M | -$2.843M | -$1.291M |
| YoY Change | -26.0% | -68.01% | -83.59% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | -$0.08 | ||
| Diluted Earnings Per Share | -$240.1K | -$120.6K | -$55.70K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 27.91M | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2021 Q2 | 2021 Q1 | 2020 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $73.85M | $26.86M | $3.180M |
| YoY Change | 2003.85% | 1047.86% | -71.93% |
| Cash & Equivalents | $73.85M | $26.86M | $3.177M |
| Short-Term Investments | |||
| Other Short-Term Assets | $1.593M | $760.0K | $1.090M |
| YoY Change | 47.5% | -42.86% | 263.33% |
| Inventory | $0.00 | ||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $75.44M | $27.62M | $4.269M |
| YoY Change | 1546.76% | 652.62% | -67.44% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $446.0K | $154.0K | $174.0K |
| YoY Change | 110.38% | -33.04% | -84.49% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $32.00K | $20.00K | $20.00K |
| YoY Change | 220.0% | 100.0% | -33.33% |
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $478.0K | $524.0K | $191.0K |
| YoY Change | 113.39% | 127.83% | -94.53% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $75.44M | $27.62M | $4.269M |
| Total Long-Term Assets | $478.0K | $524.0K | $191.0K |
| Total Assets | $75.92M | $28.15M | $4.460M |
| YoY Change | 1479.94% | 621.67% | -73.13% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $670.0K | $1.607M | $486.0K |
| YoY Change | 29.59% | 1.07% | -55.54% |
| Accrued Expenses | $2.656M | $1.220M | $875.0K |
| YoY Change | 159.63% | -63.03% | -53.68% |
| Deferred Revenue | $335.0K | $335.0K | |
| YoY Change | 0.0% | ||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $0.00 | $2.200M | $2.200M |
| YoY Change | |||
| Total Short-Term Liabilities | $3.661M | $6.940M | $5.132M |
| YoY Change | 34.5% | 32.95% | -26.25% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $151.0K | $200.0K | $0.00 |
| YoY Change | -100.0% | ||
| Total Long-Term Liabilities | $151.0K | $200.0K | $0.00 |
| YoY Change | -100.0% | ||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $3.661M | $6.940M | $5.132M |
| Total Long-Term Liabilities | $151.0K | $200.0K | $0.00 |
| Total Liabilities | $3.812M | $7.139M | $5.132M |
| YoY Change | 40.04% | 36.76% | -44.96% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$322.5M | -$319.7M | |
| YoY Change | 4.88% | ||
| Common Stock | $294.6M | $270.1M | |
| YoY Change | 2.32% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $72.10M | $21.01M | -$672.0K |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $75.92M | $28.15M | $4.460M |
| YoY Change | 1479.94% | 621.67% | -73.13% |
Cashflow Statement
| Concept | 2021 Q2 | 2021 Q1 | 2020 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$2.294M | -$2.843M | -$1.291M |
| YoY Change | -26.0% | -68.01% | -83.59% |
| Depreciation, Depletion And Amortization | $19.00K | $20.00K | $10.00K |
| YoY Change | -5.0% | -81.13% | -90.91% |
| Cash From Operating Activities | -$4.183M | -$778.0K | -$1.450M |
| YoY Change | -20.17% | -91.01% | -80.38% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | $0.00 | |
| YoY Change | -100.0% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | ||
| YoY Change | |||
| Cash From Investing Activities | $0.00 | $0.00 | |
| YoY Change | -100.0% | ||
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 51.14M | 24.47M | 2.200M |
| YoY Change | 697.88% | -489420.0% | 528.57% |
| NET CHANGE | |||
| Cash From Operating Activities | -4.183M | -778.0K | -1.450M |
| Cash From Investing Activities | 0.000 | 0.000 | |
| Cash From Financing Activities | 51.14M | 24.47M | 2.200M |
| Net Change In Cash | 46.96M | 23.69M | 750.0K |
| YoY Change | 3913.76% | -363.52% | -110.5% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$4.183M | -$778.0K | -$1.450M |
| Capital Expenditures | $0.00 | $0.00 | |
| Free Cash Flow | -$4.183M | -$778.0K | -$1.450M |
| YoY Change | -20.17% | -91.34% | -80.11% |
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Organization and Business Operations</p> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:6.67%;text-indent:0%;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Second Sight Medical Products, Inc. (“Second Sight,” the “Company,” “we,” “us,” “our” or similar terms) has developed, manufactured and marketed implantable visual prosthetics that are intended to deliver useful artificial vision to blind individuals. We are a recognized global leader in neuromodulation devices for blindness, and are committed to developing new technologies to treat the broadest population of sight-impaired individuals.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Leveraging our 20 years of experience in neuromodulation for vision, we are developing the Orion<sup style="font-size:85%;line-height:120%;vertical-align:top">®</sup> Visual Cortical Prosthesis System (“Orion”), an implanted cortical stimulation device intended to provide useful artificial vision to individuals who are blind due to a wide range of causes, including glaucoma, diabetic retinopathy, optic nerve injury or disease and eye injury. Orion is intended to convert images captured by a miniature video camera mounted on glasses into a series of small electrical pulses. The device is designed to bypass diseased or injured eye anatomy and to transmit these electrical pulses wirelessly to an array of electrodes implanted on the surface of the brain’s visual cortex, where it is intended to provide the perception of patterns of light. We are conducting a six-subject Early Feasibility Study of the Orion device at the Ronald Reagan UCLA Medical Center in Los Angeles (“UCLA”) and Baylor College of Medicine in Houston (“Baylor”). Regularly scheduled visits at both sites were paused in mid-March due to the coronavirus outbreak, however visits at UCLA resumed mid-September 2020 and Baylor resumed in December 2020. Our 24 month results, most of which were measured after the study resumed, indicate to us that: </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.84%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="top" style="width:3.84%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</p></td> <td valign="top" style="width:auto;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">We have a good safety profile</font>. Five subjects experienced a total of thirteen adverse events (AEs) related to the device or to the surgery, through February 2021. One was considered a serious adverse event (SAE), and all of the adverse events were in the expected category. The one SAE occurred at about 3 months post-implant, was resolved quickly, and did not require a hospital stay. There have been no serious adverse events due to the device or surgery since June 2018. </p></td> </tr> </table></div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.36%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.84%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="top" style="width:3.84%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</p></td> <td valign="top" style="width:auto;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">The efficacy data is encouraging</font>. We measure efficacy by looking at three measures of visual function: The first is square localization, where Orion subjects sit in front of a touch screen and are asked to touch within the boundaries of a square when it appears. The second is direction of motion, where subjects are asked to identify the direction and motion of lines on a screen. The third is grating visual acuity, a measure of visual acuity that is adapted for very low vision. On square localization, five of the five subjects tested in our feasibility study performed significantly better with the system on than off. On direction of motion, four out of five performed better with the system on than off; and on grating visual acuity, two of five tested had measurable visual acuity on the scale of this test (versus none who can do it with the device off). Another efficacy measurement of day-to-day functionality and benefit is FLORA, an acronym for Functional Low-Vision Observer Rated Assessment. FLORA is an assessment performed by an independent, third-party low vision orientation and mobility specialist who spends time with each of the subjects in their homes. The specialist asks each of the subjects a series of questions and also observes them performing 15 or more daily living tasks, such as finding light sources, following a sidewalk, or sorting laundry. The specialist then determines if the system is providing a benefit, if it is neutral, or if it is actually hurting the abilities of subjects to perform these tasks. Our FLORA results show that for two of the two subjects tested at 24-months to date, the Orion system is providing benefit. We reached agreement with the FDA in the fourth quarter of 2019 to utilize a revised version of FLORA as our primary efficacy endpoint in our pivotal trial for Orion, pending successful validation of the instrument.</p></td> </tr> </table></div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> No peer-reviewed data is available yet for the Orion system. We are currently negotiating the clinical and regulatory pathway to commercialization with the FDA as part of the Breakthrough Devices Program.  </p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Our principal offices are located in Los Angeles, California. </p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="font-size:10pt;">In 2007, Second Sight formed Second Sight Medical Products (Switzerland) Sàrl, initially to manage clinical trials and sales and marketing in Europe, the Middle East and Asia-Pacific, and more recently for the research of future technologies. As the laws of Switzerland require at least two corporate stockholders, Second Sight Medical Products (Switzerland) Sàrl is 99.5% owned directly by us and 0.5% owned by an executive of Second Sight as of March 31, 2021. Accordingly, Second Sight Medical Products (Switzerland) Sàrl is considered 100% owned for financial statement purposes and is consolidated with Second Sight for all periods presented. We have closed our foreign operations and expect final dissolution of this entity in the third quarter of 2021.</font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.33%;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Product and Clinical Development Plans</font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> By further developing our visual cortical prosthesis, Orion, we believe we may be able to significantly expand our market to include nearly all profoundly blind individuals. The principal notable exceptions for potential use of the Orion are those who are blind due to otherwise currently treatable diseases, individuals who are born blind, or blindness due to direct damage of the visual cortex, which is rare. However, of the estimated 36 million blind people worldwide, there are approximately 5.8 million people who are legally blind due to causes that are not otherwise treatable. We continue to develop and refine our estimates of the potential addressable market size as we evaluate the commercial prospects for Orion using a combination of published sources, third party market research, and physician feedback.  We currently estimate over 500,000 individuals in the US are legally blind due to retinitis pigmentosa, glaucoma, diabetic retinopathy, optic nerve disease and eye injury. Of this population, we estimate the potential US addressable market is between 50,000 and 100,000 individuals with bi-lateral blindness at the light-perception level or worse.  Our marketing approvals by the FDA and other regulatory agencies will ultimately determine the subset of these patients who are eligible for the Orion based on our clinical trials and the associated results.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Our objective in designing and developing the Orion visual prosthesis system is to bypass the optic nerve and directly stimulate the part of the brain responsible for human vision.<font style="font-size:12pt;"> </font>A six-subject Early Feasibility Study of the Orion device is currently underway at UCLA and Baylor. Our 24 month results for the six subjects indicate a good safety profile with encouraging efficacy data and benefits in helping subjects perform their daily living tasks.  We believe these data results are encouraging and support advancement of Orion into a larger pivotal clinical study. Early promising results are not necessarily indicative of results which may be obtained in our larger Orion clinical trials. </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> In November 2017, the FDA granted Breakthrough Devices Program designation for the Orion. This designation is given to a few select medical devices in order to provide more effective treatment of life-threatening or irreversibly debilitating diseases or conditions. This program is intended to help patients have more timely access to these medical devices by expediting their development, assessment, and review. </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> On February 26, 2021, the U.S. Food and Drug Administration (FDA) approved the Argus 2s Retinal Prosthesis System, a redesigned set of external hardware (glasses and video processing unit) initially for use in combination with previously implanted Argus II systems for the treatment of retinitis pigmentosa (RP). The Company expects that the Argus 2s will be adapted to be the external system for the next generation Orion Visual Cortical Prosthesis System currently under development. In addition to ergonomic improvements, the Argus 2s system offers significantly more processing power, potentially allowing for improved video processing. A decision on when or if to begin production of the newly approved hardware is under evaluation.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity and Capital Resources</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> From inception, our operations have been funded primarily through the sales of our common stock and warrants, as well as from the issuance of debt, convertible debt, research and clinical grants, and limited product revenue generated from the sale of our Argus II product. Funding of our business since 2019 has been primarily provided by:</p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.8%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:18pt;;font-size:10pt;"> </p></td> <td valign="top" style="width:7.02%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:18pt;;font-size:10pt;"> </p></td> <td valign="top" style="width:89.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;"> </p></td> </tr> <tr> <td valign="top" style="width:3.8%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;"> </p></td> <td valign="top" style="width:7.02%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</p></td> <td valign="top" style="width:89.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:36pt;;text-indent:-18pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> On March 23, 2021, we closed our private placement to seven institutional investors of 4,650,000 shares of common stock at a price of $6.00 per share for aggregate net proceeds of approximately $24.5 million</p></td> </tr> <tr> <td valign="top" style="width:3.8%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:18pt;;font-size:10pt;"> </p></td> <td valign="top" style="width:7.02%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:18pt;;font-size:10pt;"> </p></td> <td valign="top" style="width:89.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;"> </p></td> </tr> <tr> <td valign="top" style="width:3.8%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;"> </p></td> <td valign="top" style="width:7.02%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</p></td> <td valign="top" style="width:89.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:36pt;;text-indent:-18pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> On December 8, 2020, we borrowed $1 million from Gregg Williams, Chairman of the Board of Directors of the Company and $1.2 million from two unaffiliated shareholders</p></td> </tr> </table></div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.33%;font-size:10pt;"> </p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.34%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;"> </p></td> <td valign="top" style="width:7.26%;white-space:nowrap;"> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> •</p></td> <td valign="top" style="width:89.42%;"> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:36pt;;text-indent:-18pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> On May 5, 2020, we closed our underwritten public offering of 7,500,000 shares of common stock at an offering price of $1.00 per share for aggregate net proceeds of approximately $6.7 million</p></td> </tr> </table></div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">  <font style="font-size:10pt;"> We were awarded a $1.6 million grant (with the intent to fund $6.4 million over five years subject to annual review and approval) from the National Institutes of Health (NIH) to fund the “Early Feasibility Clinical Trial of a Visual Cortical Prosthesis” that commenced in January 2018. Our second year grant of $1.4 million was approved on April 6, 2021. As of March 31, 2021 we recorded $0.5 million of deferred grant costs receivable, included in prepaid expenses and other current assets.</font></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">      <font style="font-size:10pt;">Our financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Our ability to continue as a going concern is dependent on our ability to develop profitable operations through implementation of our business initiatives and/or raise additional capital, however, there can be no assurances that we will be able to do so.</font></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have been notified by the Nasdaq stock market regarding our non-compliance with one of the continued listing requirements of the Nasdaq Capital Market and as a result we could be subject to delisting if we do not regain compliance within the compliance period (or the compliance period as may be extended).<font style="font-size:12pt;"> </font>We believe that our planned shareholders’ meeting on May 28, 2021 satisfies this listing requirement.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.33%;font-size:9pt;"> </p> | |
| CY2020Q2 | eyes |
Warrants Expiration Date
WarrantsExpirationDate
|
2025-05-05 | |
| CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
19000 | |
| CY2020Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
279000 | |
| CY2021Q1 | us-gaap |
Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
|
7300000 | |
| CY2020Q1 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
123000 | |
| CY2021Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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|
7874000 | |
| CY2020Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
8597000 | |
| CY2020Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
295000 | |
| CY2021Q1 | us-gaap |
Inventory Gross
InventoryGross
|
295000 | |
| CY2020Q2 | eyes |
Class Of Warrant Or Right Issued During Period
ClassOfWarrantOrRightIssuedDuringPeriod
|
375000 | |
| CY2021Q1 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
10125 | |
| CY2020Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
1.25 | |
| CY2021Q1 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
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1-for-8 | |
| CY2021Q1 | us-gaap |
Severance Costs1
SeveranceCosts1
|
200000 | |
| CY2021Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
295000 | |
| CY2020Q4 | us-gaap |
Inventory Gross
InventoryGross
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295000 | |
| CY2021Q1 | us-gaap |
Inventory Adjustments
InventoryAdjustments
|
295000 | |
| CY2020Q4 | us-gaap |
Inventory Adjustments
InventoryAdjustments
|
295000 | |
| CY2021Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
653000 | |
| CY2020Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
653000 | |
| CY2021Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
499000 | |
| CY2020Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
479000 | |
| CY2021Q1 | us-gaap |
Interest Receivable
InterestReceivable
|
82000 | |
| CY2020Q4 | us-gaap |
Interest Receivable
InterestReceivable
|
17000 | |
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Contract With Customer Liability Consideration Received In Advance Of Revenue Recognition
ContractWithCustomerLiabilityConsiderationReceivedInAdvanceOfRevenueRecognition
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Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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| CY2020Q4 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
200000 | |
| CY2021Q1 | us-gaap |
Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
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| CY2021Q1 | us-gaap |
Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
|
||
| CY2021Q1 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
200000 | |
| CY2021Q1 | us-gaap |
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SubordinatedBorrowingInterestRate
|
0.10 | |
| CY2021Q1 | us-gaap |
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LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
153000 | |
| CY2021Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
201000 | |
| CY2021Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
52000 | |
| CY2021Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
406000 | |
| CY2021Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
40000 | |
| CY2021Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
366000 | |
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Operating Lease Weighted Average Discount Rate Percent
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0.10 | |
| CY2021Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
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17000 | |
| CY2020Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
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121000 | |
| CY2021Q1 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
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22000 |
